All Forum Posts by: Robin Secord

Welcome to BP Nathan!  

@Kevin Beres

 - not sure about the specific laws in Virginia, but from my experience (past Mortgage Loan Originator here) - closings can be moved.  They may be telling you that the date can't change because they have all the docs ready to go with today's date on them.  There may be additional charges involved with changing the date.  Maybe ask about this & if you cover the charges see if you can push it out...

We also know from personal experience (in Indiana) that the purchase agreement doesn't hold any weight.  We were selling our house a few years ago & the buyer walked away the night before the closing.  We checked with a lawyer & were basically told that the purchase agreement wouldn't hold up anything in the court of law.  *Of course, this is just our experience & you need to check with an attorney on your end.*  We got to keep the earnest money & waited for another buyer to come along.  

Good luck with however this shakes out.

BP is awesome & amazing with all of the resources that it offers!

@Brandon Turner- your team rocks & BP is so great because you do things like this.  Thank you!

Dog walking/walking/running for dollars just in your neighborhood is great too. You learn very quickly what houses are vacant & also any activity is happening in your neighborhood. When we go for walks we notice when someone is updating a property or there is a new FSBO too. It never hurts to get out for some exercise & see what you can find along the way!

@Robert Tropp

@Account Closed

 - I apologize if you thought (even for a second) that I was trying to sell something more than just honest feedback for what I am seeing in my area.  I am new to this investing game & I am very analytical so the numbers are right up my alley.  I get excited when I see what kind of numbers we have here in the midwest, compared to other regions of the US & I like to share them to help others:)

Good suggestions - thank you!

Hi BP Community!

In looking at several multifamily properties, I am seeing some that don't have separate meters & the units are rent inclusive.  The problem though, is that the current "all inclusive" rents being paid are no greater than units where the tennant pays the utilities separately.  Not exactly sure how the current owner is making the property cash flow this way, maybe that is why they are selling...

Has anyone ever ran into this situation?  Should we steer clear of properties that are "all inclusive" or do you see potential here too?

Anyone have experience with picking up an "all inclusive" property & then raising rents to align it more with the market? 

Any thoughts are greatly appreciated.  Thank you!

Welcome to BP @Kathy Jenkins!

There is a wealth of information out here & if you haven't - you need to check out the podcasts.  

Good luck on this adventure!

Welcome to BP @Joe Trometer!

We are about 2 hours away from you, but love connecting with other MI people!

@Robert Tropp

- there are many affordable investment opportunities in Michigan.  SW MI (Grand Rapids, Kalamazoo, & the shores of Lake Michigan) all provide affordable rentals with good returns.  

Just to give you an idea of what we have here - we are currently looking at a few 4 plexes that are under $100k, but will cashflow $500-$700/month after all expenses.

It is a great place to be!  Let us know if you want to get another view point on the SW MI market.

Good luck!